Complex trading system #4 (Trend trading with EMAs)

Hi Farid,

Thank you for contributing your ideas.
I use Fibonacci trading method a lot. Your approach is very logical, in fact I like to see two-side Fibos as well. You are on the right track.

I wouldn't change anything in your system. The only thing is left - testing and finding the best trend following and fibonacci obeying currency pair. I would suggest trying /JPY pairs.

Good luck!
Edward.

You are all too short term minded.

Large profits are taken from simple support and resistance swing points. Learn to read the higher time frames and the 1 hour is the minimum. Use the 150 and 365 hour ma's to guide overall trend direction.

indicators are for chumps.. trade key levels.. i trade for a bank.. i know how they do it.

how do i set these EMAs on my trading platform as they are not there now?

It all depends on the trading platform you use. Usually it is very simple, you would have to find menu or a button that says something like "Add study" or "Add Indicator"... A trading platform always comes with user manual, where you can read How to set up indicators on a chart. You may as well inquire support from a broker you have chosen to trade with.

Regards,
Edward.

Regarding what the guy/girl said about trading at key levels, do you agree with this comment Edward? I am using fibo, pivot points and trend lines atm to tell me the direction it is likley to head and then look at the indicators. Is it possible to just trade from looking at fibo, pp, trend lines say focusing more on what that is telling me than what the indicators say?
Thanks,
Pete.

Hi Pete,

Forex traders use indicators because those make charts look readable. Indicators are "kind of" smoothing out the data and giving them a more distinctive look by dividing market into buyers and seller and suggesting on Buy or Sell opportunities.

However, we all know that indicators' biggest drawback is late signals. Indicators are lagging tools and using them means delayed entries and delayed exits which can eat up a big portion of unrealized profits or end up in a loss.

Using tools like trend lines, pivot points, Fibonacci levels etc, e.g. key support/resistance levels, appears to be more difficult to many Forex traders (may be, because besides knowing what you are doing, you have to reset new lines and pivots, plus analyze charts on every day basis, which is not needed if you use indicators).

But the biggest advantage of using key levelss is that trades are able to get in the market at best rates, at much lower and calculated risks, and exit out with accurate profit targets.

Regards,
Edward

Good morning Sir ,


"Submitted by Edward Revy on July 27, 2007 - 08:04.

I traded this system for real some time ago. Now I trade a combination of different systems and surely use EMAs to guide me through."

Refering to your comments above , is it possible to share your current trading strategies / philosophy with the rest of us here ? I know that your strategies will reflect your MM Rules , risk appetite etc etc and might not be suitable for everyone . Nonetheless surely it is the best possible combination strategy available here . :)

Thanks in advance for your positive response .

Best wishes ,

::Asri::

Hi Asri,

I'd gladly say "Yes", but I can't. Simply and openly because the strategy rules are "owned" by my wife as she trades Forex with me. She is very protective about it... I'm sorry, although I like you all, family interests win here :)

Regards,
Edward